Francesco Guerrera, Wall Street Journal, explains what Apple's CEO needs to say that will indicate he's getting the company back on track. And, Mikey Campbell, AppleInsider editor, weighs in on innovation and what an iWatch may look like.

CNBC's Scott Wapner reports Apple has considered large acquisitions in the past; and Timothy Lesko, Granite Investment Advisors, explains why he does not want the tech giant to use its cash for large acquisitions, but would rather see it spent on dividends or buybacks.

The "Squawk on the Street" news team reports on today's market moving stories; including Greenlight Capital's opposition to Apple's proposal to eliminate preferred stock; and a look at January's retail sales.